Martin and Meyers previously worked together on the "Father of the Bride" movies, which Meyers co-wrote and produced and in which Martin starred.
The movie, which Meyers wrote and is to direct, is to start shooting in February, the entertainment industry trade newspaper said.
Meyers' films include "What Women Want," "Something's Gotta Give" and "The Holiday."
Martin, a former "Saturday Night Live" player, was recently seen in "Baby Mama" and will next star in "Pink Panther 2."
Celebrity Couples of 2014 [PHOTOS]